GasNet Limited is 100% owned by Wanganui Gas Limited which is itself owned by Wanganui District Council Holding Limited, the Wanganui District Council LATE (Local Authority Trading Enterprise).

GasNet Limited commenced trading on 1 July 2008 after purchasing the network and metering business from Wanganui Gas Limited. Previously GasNet had been operating as an independent trading division of Wanganui Gas Limited and was responsible for managing the network and metering assets for the company.
Energy Direct NZ Limited (Energy retailer) commenced trading at the same time under identical arrangements. While GasNet Limited and Energy Direct NZ Limited remain 100% owned by Wanganui Gas Limited, they operate independent of each other, and each has its own Board of Directors.